Ola Electric Likely To Lay Off 500 Employees

Ola Electric, owned by Bhavish Aggarwal, is initiating a restructuring exercise that might affect over 500 employees across various roles in the company, according to a Moneycontrol report citing sources familiar with the matter.

The electric vehicle company is undertaking layoffs to improve its margins in its efforts to attain profitability.Ola Electric also undertook two restructuring exercises in September 2022 and July 2022.

In September 2022, the company announced new hiring to centralise and unify operations across verticals. In July 2022, Ola Electric laid off around 1,000 employees when it shut down three of its businesses — Used Cars, Cloud Kitchen and Grocery delivery, to focus on the EV business.